Nigerians were disappointed today as the Supreme Court adjourned judgement in the new naira policy suit to Friday, March 3, 2023.
The expected judgement is in respect of a suit instituted by the Kaduna, Kogi and Zamfara state against the Federal Government demanding a restraining order to stop the full implementation of the new naira redesign policy of the Central Bank of Nigeria (CBN). Other states including Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun and Cross River have also joined the suit as co-plaintiffs.
The states are praying the court to grant an interim injunction stopping the CBN from ending the timeframe within which the old N200, N500, and N1000 notes will cease to be legal tender.
The states justified their position by pointing it to the Apex Court that said since the announcement of the policy, there has been an acute shortage in the supply of the new naira notes in their states and the citizens are yet to have access to their money deposited in the banks and that the notice period given by the Federal Government was inadequate.
